Identity theft has increasingly become a problem in recent times. Personal and confidential information of individuals is more accessible today than ever before. The problem is magnified in light of people transacting business on the internet using credit cards and providing identification numbers, such as a Social Security Number, to any number of different entities.
Identity theft is made worse when a person's Social Security Number is stolen. A person's Social Security Number gives access to vast amounts of confidential information. In addition, a Social Security Number can not easily be replaced. Unauthorized access to a person's Social Security Number gives the potential for serious damage to a person's credit and other financial data.
Personal identification information or numbers, such as a Social Security Number, is often required by various entities in order to process a customer transaction. For instance, a Social Security Number may be necessary in order to apply for a loan or a credit card or when enrolling in school. With the use of personal identification numbers being so commonplace, it is important to maintain the confidentiality of the number and the information associated with it.
Therefore, there is an urgent need to provide a method for protecting an individual's personal identification information that is easily implemented and managed by a trusted entity.